Law No. 23 Of March 12, 1992 On Ratification Of The Loan Agreement Between The Swiss Federal Council And The Government Of Romania

Original Language Title:  LEGE nr. 23 din 12 martie 1992 pentru ratificarea Acordului de împrumut dintre Consiliul Federal Elveţian şi Guvernul României

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$9.99.
LAW No. 23 of 12 March 1992 ratification of the loan agreement between the Swiss Federal Council and the Government of Romania's PARLIAMENT ISSUING published in MONITORUL OFICIAL NR. 46 of 20 March 1992 to ratify the loan agreement between the Swiss Federal Council and the Government of Romania to the tune of $ 40 million, signed on 28 January 1992 in Berne.

Annex 1 agreement between the Swiss Federal Council and the Government of Romania concerning a medium-term loan for a sum of $ 40 million S.U.A.
The Federal Council, hereinafter referred to as the borrower and the Government of Romania, hereinafter referred to as the borrower, taking into account that the lender and borrower peoples have close historical relations, economic and cultural developments, taking into account that the borrower undertake fundamental political and economic reforms and that he decided to adopt a market economy model, considering that the borrower has entered into an agreement with the International Monetary Fund on the basis of the programme initiated by the borrower to stabilize and modernize the economy and to make the currency convertible, considering that the G-24 industrialized countries under the chairmanship of the Commission of the European Communities has promised to support the above mentioned programme, which must be implemented in a difficult external environment, taking into account that the lender has a medium-term loan the borrower is considered to be a measure close to in order to support the balance of payments to the borrower in order to strengthen its reserves and facilitating convertibilitatii its currency , have agreed as follows: Article 1 the lender the borrower a loan grant in the medium term for an amount of $ 40 million S.U.A. (S.U.A. forty million u.s. dollars), with a duration of seven years (the loan).

Article 2 the borrower's loan will be issued in a single installment within 5 (five) business days from the signing of this agreement.

Article 3 the interest rate to be paid on the loan by the borrower, the lender will be determined by the Swiss National Bank on the basis of interest rate at 6 months from the issue of Treasury bills S.U.A., plus 1/2% on the date of signing of this agreement and will be updated once every thereafter every 6 months on the same basis. Interest payments will arise every 6 months.

Article 4 the loan will be returned to the lender once in a trance at 7 years after his dismissal of the borrower. Without prejudice to the foregoing, the borrower shall have the right at any time, on the basis of a notification has been given in advance a month, to pay in advance the loan (or any part thereof).

In article 5 it is agreed by the parties to this agreement, with respect to the implementation of the transaction, each party will appoint an agent (the agent) and such an agent will act on behalf of the respective sides in all matters provided for in this agreement.
It is agreed by the parties to this agreement as a result of the above provisions of this article, the lender will be called Swiss National Bank as its agent and the borrower will appoint National Bank of Romania respectively, as his agent.

Article 6 Swiss National Bank and the National Bank of Romania will conclude an implementation agreement to regulate the details of the loan.

Article 7 the borrower undertakes to extend automatically the borrower any guarantees given to any participant in the medium-term financial assistance by Romania by the G-24. The borrower shall notify the lender of any such warranties.

Article 8 1. Any dispute between the borrower and lender will be governed by the Arbitration Board. In such a case, shall apply correspondingly to the regulations section 10.04 from general conditions applicable to loan and guarantee agreements of the International Bank for reconstruction and development from 1 January 1985.
2. Subject to the General conditions set out in the paragraph above, this agreement and any interpretation of his article shall be governed by the law of the Swiss Confederation.

Article 9 1. This agreement shall become effective on the date of signature by the parties.
2. This agreement shall expire together with the repayment of the loan and pay interest accumulated in its entirety in accordance with the provisions contained in the agreement.